Holland Village homes losing appeal among expats

Romesh Navaratnarajah7 Jul 2016

Aerial view of Holland Village resize

Aerial view of Holland Village, Singapore. (Photo: Takamaxa / Wikimedia Commons)

Homes in Holland Village, and by extension, those within the entire District 10, have lost some of their appeal among expats, who now prefer to live in districts 1, 2, 4, 8 and 13, reported Singapore Business Review, citing JLL data.

“Traditionally, expatriates used to favour the Holland Village area whereby amenities and supplies from back home were easily available. It was also the place to get to know more expatriates residing in Singapore,” said Juliann Teo, Head of Residential Leasing at JLL.

“Since supplies can be ordered and friends can be connected online these days, expatriates need not be confined to the location in which they reside in.”

JLL data showed that expat leasing demand for District 10 homes rose by 110 percent from 2006 to 2015, way below the steep rental volume growth witnessed in other areas. Leasing demand in District 10 was also virtually stagnant between 2008 and 2011, while districts 1, 8 and 13 saw rental volume almost double.

Leasing volume in District 1 – covering Chinatown, Boat Quay, Havelock Road, Cecil Street, Raffles Place, Suntec City and Marina Square – soared by 751 percent from 2006 to 2015. Leasing volume in District 2 – covering Neil Road, Anson Road, Tanjong Pagar and Shenton Way – surged by 652 percent over the same period.

“(Districts 1 and 2 are) more popular due to the completion of large commercial schemes such as MBFC (Marina Bay Financial Centre), and expatriates prefer to be in close proximity to their workplace,” noted Teo.

“(There is also) more residential stock available as compared to years ago when living in the CBD was confined to only few residential projects.”

Meanwhile, Sentosa Cove in District 4 has become popular among expatriates due to its spectacular sea views and unique lifestyle offerings.

Despite the stringent property cooling measures, leasing volume in District 10 jumped by 480 percent over 10 years, according to JLL data. In 2015, a total of 2,424 homes were leased within the district, up from 2,097 in the year before.

Interestingly, districts that used to be shunned by expatriates, such as districts 8 and 13, have now become more popular. Over the decade, leasing volume in District 8 has jumped by 425 percent, while it rose by 365 percent in in District 13.

“(These districts have) brand new, smaller sized apartments completed which are ideal for singles, couples and small families since location is central,” said Teo, adding that the completion of the Circle Line has also made these locations more popular.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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